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TRIANGLES  |  May 29, 2020
Can't Pay, Won't Pay!
According to its first quarter earnings report, Vornado Realty Trust (VNO), the largest owner and manager of retail rental space in Manhattan collected only 53% of rent due from its retail tenants in April 2020. Among its other real estate businesses, VNO rents retail space to major well-known retail clients many of whom did not pay rent in April and are unlikely to pay rent in May amid the coronavirus lock down in New York City. This has pummeled the share price, causing its stock to decline over 50% in less than two months.
by Stella Osoba, CMT

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